Key Takeaways
- Pakistan plans to involve local construction companies in the bidding for a $1.8 billion CPEC project.
- The new highway is needed due to the existing one being submerged by May 2028.
- Officials hope to finalize financing arrangements during an upcoming Joint Technical Working Group meeting.
Pakistan is considering self-funding a $1.8 billion Karakoram Highway project as part of China-Pakistan Economic Corridor (CPEC) initiatives, according to Planning Minister Ahsan Iqbal.
The new highway, estimated at Rs. 502 billion ($1.8 billion), will replace the existing one which is set to be submerged by May 2028 due to the completion of the Diamer Bhasha Dam project.
Currently, the government plans to ask China to allow leading local construction companies to participate in the bidding process for this strategic road, aiming to accelerate its construction.
